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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.


Odd Lots

You can do a lot of things with the click of a button nowadays. You can get insurance, open a bank account, or trade 347 different stocks all at once via an ETF. But one thing you definitely can't do via a single click, is refinance your mortgage. In fact, securing a mortgage still requires reams of paperwork -- a lot of which has to be physically mailed to all the different parties involved. So why is mortgage finance stuck in the stone age? In this episode we speak with Mike Yu, co-founder and CEO of Vesta, about why we don't have one-click mortgages refis. He describes how a mix of clunky legacy IT systems and regulation have combined to make mortgage finance a technological laggard.
 
Read More:
US Home-Purchase Applications Rise to Highest Since February
 
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Why You Can't Get a One-Click Mortgage Refi

Geothermal is a promising technology to provide clean, low-cost, baseload power to the electricity grid. It works by getting heat from deep in the ground, using technology that is similar to that used in fracking. Despite this potential, however, geothermal still remains a very small percentage of the US power mix. So what will it take for it to scale up? One big challenge is the core problem of financing. Firms need customers in order to get financing. But customers don't want to sign up for projects unless firms can finance them and get them built. On this episode, recorded live onstage at the Department of Energy's Deploy24 conference in Washington DC, we speak with Tim Latimer, the founder and CEO of geothermal company Fervo Energy. Tim was previously in the fracking industry. He explained to us how geothermal works, what's being built, and what it will take from private and public actors in order to scale it up.
 
Read More:
A Green Reason to Drill, Baby, Drill: Renewable Energy That’s Always On
 
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Tim Latimer on Solving the Financing Problem for Geothermal

One of the minor culture wars in America has to do with electric stoves. To some, they're more energy efficient and better for air quality. To others, electric stove requirements represent government overreach, and a loss of freedom to use a gas range. Impulse Labs wants to change the whole conversation. The company produces an induction stove — very different than most electric stoves — that it claims can not only produce superior food, but can also be a catalyst for electrification, thanks to its built-in battery storage. On this episode, we visited the Impulse offices in San Francisco to try out the stove ourselves and talk to CEO Sam D'Amico about the company's vision. We also discuss how a stove maker based in the US thinks about the grid, tariffs, buying batteries, and other challenges that come with selling a physical consumer product.

Read More: How Did Gas Stoves Ignite a Culture War?
 
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This Stove Company Wants to Change How the World Uses Energy

The world of startup investing has undergone massive transformations amid the AI boom, changing capital markets, and an intense degree of competition from new entrants into the space. So what does it take to succeed in venture capital? How does an investor know if they have what it takes? On this episode, recorded in San Francisco, we speak with Nina Achadjian, a partner at Index Ventures. She talks about her career, how she differentiates herself from other investors, and the sectors she's most excited about, including what areas are poised to benefit from AI.

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Nina Achadjian on What It Takes to Win in VC Right Now

On Wednesday, the Federal Reserve cut interest rates by 25 basis points as expected. But it also raised its inflation outlook for 2025, and sees just two more cuts next year. The markets reacted violently to it, with the major measures posting their worst day in a long time. What's more, there was nowhere to hide. Bonds and gold also sold off, alongside equities. So what's going on now? And what does this mean for portfolio construction? On this episode, we speak with Jim Caron, chief investment officer of the Portfolio Solutions Group at Morgan Stanley Investment Management. We talked about why the market reacted as sharply as it did, and how to think about next year, given highly concentrated markets, uncertain macro, and the difficulty in finding diversifying instruments.
 
Read More: Powell Says Future Cuts Would Require Fresh Inflation Progress
 
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Jim Caron on the Market Selloff and the Fed's Historic Adjustment

Last week, the Federal Reserve cut benchmark rates by 25 basis points, but simultaneously signaled a slower pace of cuts for next year. The guidance surprised markets and sparked a selloff in both stocks and bonds as traders adjusted to the new forecast. So what made the Fed change its stance? And where do the balance of risks to the economy lie right now? In this episode, we speak with Federal Reserve Bank of San Francisco President Mary Daly about how she's viewing the outlook for both inflation and the labor market. We also talk about the impact of AI on productivity, and how she's thinking about the potential impact of new policies from the incoming Trump administration.
 
Read More:
Fed’s Daly Says She’s ‘Very Comfortable’ With Two 2025 Rate Cuts
Powell Signals Fed’s Focus Has Returned Firmly to Inflation
 
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San Francisco Fed President Mary Daly Explains the 'Hawkish Cut'

The Biden administration made energy and climate a centerpiece of its administration, most notably through the Inflation Reduction Act. At the same time, we’ve seen a boom in US oil and gas production the last four years, alongside the novel use of the Strategic Petroleum Reserve as a price and supply stabilization tool. Meanwhile, investments in batteries and other clean technologies have been framed as crucial from the perspective of strategic and economic competition with China. So what was accomplished? And what will persist after the Trump administration comes into office? On this episode, we speak with US Energy Secretary Jennifer Granholm about her transformation of the department, and how she thinks about the future of existing energy strategies and policies under Trump.
 
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Jennifer Granholm on What Will Survive of Biden's Energy Legacy

Back in November, we released our series called Beak Capitalism, which took a look at the entire US economy through the lens of chicken. Then we went on the Money Stuff podcast, hosted by Matt Levine and Katie Greifeld, to talk about our work. Here is a replay of that conversation, for those who missed it.
 
You can subscribe to the Money Stuff podcast here. 
You can listen to Beak Capitalism here, here, and here.
 
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Odd Lots Talks Beak Capitalism on Money Stuff Talking Chicken

As 2024 comes to an end, Tracy and Joe once again look back at the year that was in Odd Lots. On this final episode of the year, we revisit 10 of the most fascinating, surprising and unforgettable facts and ideas that came up on the show in the last 12 months, talking about everything from chicken prices to nickel mining to private finance.
 
Click here to revisit these earlier 10 episodes:
 
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The 10 Most Interesting Things We Learned on Odd Lots in 2024

As is becoming something of an annual tradition here, we recently asked Odd Lots listeners to send in any questions they have about the show to Tracy and Joe, via voice memo. We took as many as we could, and answered questions on all kinds of things, ranging from our favorite economists to career advice to changes in how the news media operates.
 
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The Odd Lots AMA Episode: Tracy and Joe Answer Listener Questions

How did China become the economic behemoth that it is today? One pivotal moment was, obviously, it's ascension into the WTO. Prior to that, the era of reform under Deng Xiaoping was obviously crucial. But obviously no single event or turning point can really tell the story. In a groundbreaking new book -- The Great Transformation: China’s Road from Revolution to Reform -- historians Odd Arne Westad and Chen Jian tell the full story of how China went from being an impoverished, highly planned communist economy to the dynamic capitalist economy it is today. We spoke with Westad, a professor at Yale, about this book, and what people get wrong about China's big opening up.
 
Read more:
China’s Surging LNG Imports From US Threatened by Next Trade War
Morgan Stanley, Goldman Call for Greater China Transparency

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Odd Arne Westad on how China First Joined the Global Capitalist Economy

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